The global eyewear market is anticipated to grow at a significant CAGR of 6.4% during the forecast period. The rising disposable income, growing awareness, and availability of attractive and affordable eyewear products are the major factors driving the eyewear market, globally. The eyewear designers are regularly innovating the designs of frames to meet the growing demands of fashion enthusiasts. The easy eye check-up at doorsteps and replacement facility on eye gears will boost the market growth during the forecast period. The tracking of social media platforms has enabled the market players to analyze the interests of the customers of different geographic locations. The flexible, unbreakable frames are the emerging trends in the eyewear market that will generate considerable opportunities during the forecast period. However, the stringent government policies against plastics may hamper the growth of the market during the forecast period. 

Impact of COVID-19 Pandemic on Global Eyewear Market

The ophthalmic clinics and retail stores were closed during the COVID-19 pandemic which had drastically reduced the sales of eyewear. For instance, Johnson and Johnson Services, Inc. had recorded a decline of 11.7% in the sales of vision care products during pandemic as compared to 2019. Additionally, eye examination and surgeries were postponed as they were categorised as non-urgent which had reduced the demand of spectacles and contact lenses.

Segmental Outlook 

The global eyewear market is segmented based on the product type and distribution channel. Based on the product type, the market is segmented into spectacles, sunglasses, contact lenses and others. Based on distribution channel, the market is sub-segmented into offline (including ophthalmic clinics, shopping malls, and branded stores) and online (including retailers and brand’s website). 

Global Eyewear  Market Share by Product Type, 2020 (%)

Spectacles Holds the Major Share in the Global Eyewear Market

The rising refractive defects and increasing awareness for refractive surgeries will give significant growth to the spectacles segment. According to the journal published on AAO in 2016, around 22.9% of the global population suffers from myopia including 2.7% of those suffering from high myopia. It was estimated that 4,758 million people globally will suffer from myopia by 2050, which is 49.8% of the global population. This rapid prevalence of myopia among youngsters will drive the market of eyewear during the forecast period.

With the increasing digitization, computer vision syndrome (CVS) is becoming a common problem. According to the survey conducted by the Indian Journal of Clinical and Experimental Ophthalmology in 2019, symptoms of CVS are observed in 70.3% of people. The major cause of CVS is increased screen timing on various electronic gadgets including TV, mobile, and laptops. Headache, neck & back pain, dryness of eyes, and blurred vision are the common symptoms observed in CVS. This increasing prevalence of CVS will further propel the market of spectacles during the forecast period. BLU lenses are getting popularized amongst professionals, gaming enthusiasts, and kids as it blocks the harmful blue rays emitted by electronic devices.

Regional Outlooks

The global eyewear market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East and Africa, and Latin America).  The European region dominates the global Eyewear market. Most of the Eyewear consumed globally is produced in France.

Global Eyewear  Market Growth, by Region 2021-2027

The Asia Pacific Region Holds the Major Share in the Global Eyewear Market

The Asia-Pacific eyewear market is expected to grow fastest during the forecast period as eyewear is becoming a fashion trend in the region. The increasing per capita income in the region had increased the purchasing power of consumers. China is the leading producer of eyewear in the region with the presence of a large number of market players including Hoya Corp., Luxottica, and others, which have a variant range of products with varied pricing to address various demands of customers. Whereas, the high prevalence of ocular diseases in North America will give considerable growth to the eyewear market in the region.

Market Players Outlook

The major companies serving the global eyewear market include Bausch & Lomb Inc., Carl Zeiss AG, Fielmann AG, Johnson & Johnson Services, Inc., Safilo Group S.p.A., Adidas AG, Luxottica Group S.p.A., Warby Parker, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, Venkart ECom Pvt. Ltd., India's one of the leading designer optical chains, launched EyeCare on wheels services in August 2021. This service is served through an ambulance van having highly trained ophthalmologist technicians who will test the patient's eye at any location.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global eyewear market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.